Kotak Mahindra Life Insurance Company Limited (Kotak Life) is a 100% owned subsidiary of Kotak Mahindra Bank Limited (Kotak). Kotak Life provides world-class insurance products with high customer empathy. Its product suite leverages the combined prowess of protection and long-term savings. Kotak Life is a insurance company in India and has covered over 27 million lives as on 30th June, 2019.
About Kotak Mahindra Group
Kotak Mahindra Group is a banking and financial services organizations in India. It is offering a wide range of financial services to meet both corporate and individual investment needs.
Kotak Mahindra Insurance Product Portfolio
Kotak offers a wide range of life insurance products. Following is the product portfolio of Kotak Life Insurance:
Kotak policies are an avenue for long term regular investments to accumulate a lump sum on maturity.
Kotak Sampoorn Bima Micro-Insurance Plan
Kotak Assured Income Accelerator
Kotak Gramin Bima Yojana
Kotak Premier Moneyback Plan
Kotak Classic Endowment Plan
Kotak Assured Savings Plan
Kotak Premier Endowment Plan
Kotak POS Bachat Bima
Kotak Single Invest Plus
Kotak Premier Life Plan
Kotak Single Invest Advantage
Kotak Guaranteed Savings Plan
Kotak Invest Maxima
Kotak SmartLife Plan
Kotak Premier Income Plan
Kotak Ace Investment
Kotak Platinum Plan
Compare all Kotak Life life insurance plans from other life insurance companies in India to get the insurance plan that suits your investment appetite most.
Kotak Life Insurance Distribution Network:
The distribution network of Kotak Life Insurance Company includes retail distribution through the branch offices, insurance agencies, individual agent network and insurance brokers for claim settlements. It has offices across over 400 cities and towns in India. Kotak Life products are also available online through their website and insurance aggregators.
The nominee needs to intimate the company on the toll free number 1800-209-8800 or can visit the branch personally with the policy document and accidental/death certificate. The nominee must fill a claim intimation form and then the company will provide a reference number to him. Usually within 30 days the accidental/death claim without investigation cases is cleared.
Submit your policy documents along with duly filled surrender form at the service desk in any of the branches. Upon successful proccedings, the refund will be credited directly into your bank account and the policy stands cancelled. The comoany claims to setlle it within 7 working days.
In case of demise of the insured during the rider benefit tenure and the beneficiary proving the same to the satisfaction of the company, the future premiums of the policy in respect of all other benefits in force should be paid by the insurance company subject to following conditions:
The policy is in force on the date of death of the insured.
The correct age of the insured is declared in the proposal form.
The beneficiary of the policy has submitted all the required documents along with the proof of death of the insured to the insurer.
Kotak Mahindra Life Insurance Company recently launched its new e-Term Plan. The new Kotak e-Term Plan comes in three comprehensive cover options – Life option, Life Plus option, and Life Secure Option.
Life Option – It offers 100% of the Sum Assured on the death of the life insured.
Life Plus Option – It offers 100% of the Sum Assured as death benefit upon accidental death of the life insured in addition to the death benefit. The maximum death benefit payout is subject to a maximum limit of Rs. 1 Crore.
Life Secure Option – It offers the benefit of premium waiver in the event of total & permanent disability of life insured. The death benefit of the plan stays intact for this variant until the end of the policy term.
This new term plan from Kotak Life Insurance Company also provides policy holders with options to avail additional cover at different intervals to take care of their increasing responsibilities. In addition, nominees are allowed to choose from three payout options. These options are:
Lump-Sum Payout – 100% of the Sum Assured is paid out in one lump-sum and the policy will be terminated.
Recurring Annual Payout – 10% of the Sum Assured is paid out at the time of claim settlement and 6% of the Sum Assured is paid out each year for 15 years.
Increasing Recurring Annual Payout - 10% of the Sum Assured is paid out at the time of claim settlement and 6% of the Sum Assured is paid out at the end of the first year. In addition, the pay-out will increase by 10% per annum. These payouts are paid at the end of each year for 15 years.
The plan allows policyholders with an option to choose from different rider benefits for additional premium. Two of the best riders under this plan, Critical Illness Plus Benefit rider and Permanent Disability Benefit Rider provide protection against 37 critical illnesses and comprehensive coverage against accidental permanent disability.
Kotak e-Term plan has been carefully conceptualized to ensure coverage for the diverse protection needs and risk cover necessities of policyholders. The policy is affordable, customizable and comes packed with impeccable services.
Mahindra Mahindra Financial Services Limited (Mahindra Finance), which holds minority stake in Kotak Mahindra Insurance company, one of India’s leading private insurers, is one of the first insurance broking company to be accredited with Maturity Level 3 of the People Capability Maturity Model (People-CMM) globally. With this rating, it now shares the same space with companies who practice People-CMM such as Tata Consultancy Services, Accenture, Wipro, CMC, LT Infotech, etc. P-CMM, an organizational transformation model was created by the CMMI Institute, USA. This institute is a subsidiary of Carnegie Mellon University and aims at uplifting the organizational performance by bringing forth best-in-class solutions to meet challenges in the real-world. A top official at Mahindra Finance said that the accredition shows the organization’s consistent commitment towards development of its workforce, its focus point being to add value to its customer base, and bringing about positive change in peoples’ lives, which stands similar to the organizational goals of Kotak Mahindra Insurance company.
January 28, 2016: Kotak Life Insurance is expecting to collect Rs 900 crore as its first premium income in this financial year, 2015–16. Its first premium income in financial year 2014–15 was Rs 600 crore. Speaking during the launch of Kotak Premier Life Plan in Kolkata, Suresh Agarwal, Senior EVP and Chief Distribution Officer of Kotak Life, told that his company is ranked seventh among the private sector life insurers in terms of accumulated premium income. Its total premium income, which includes new and renewal premium, for 2014–15 was Rs 3,000 crore. The company expects its total premium income to increase to Rs 3,500 crore in this fiscal. Suresh Agarwal said that the company is making profits and that it has no plans to hit the stock market as of now. He also said that Old Mutual Life of South Africa, which holds 26% in Kotak Life, has no plans to increase its stake.
January 7, 2016 : Kotak Mahindra Old Mutual Life Insurance Limited has launched a new plan called ‘Kotak Premier Life Plan’ on 7 January 2016. It is a participating whole life plan with limited premium payment offering protection till 99 years of age.Under this plan, customers can either opt to receive bonus payouts after the end of premium payment term or can accumulate them to create retirement corpus. Customers can withdraw from the accumulated corpus after the end of premium payment term.Speaking at a media conference on the launch of Kotak Premier Life Plan, Suresh Agarwal, chief distribution officer & senior EVP, Kotak Mahindra Old Mutual Life Insurance Ltd, termed this plan as an innovative, participating whole life product aimed at providing a strong foundation of insurance protection and a planned income for the customers.He further stated that Kotak Mahindra Old Mutual Life Insurance Ltd expects to collect a total premium of over Rs 3,500 crore in this financial year. During last financial year, Kotak Life collected Rs 1,400 crore in new business premium segment and Rs 1,500 crore in renewal premium segment.
It is a limited premium payment and participating whole-life plan, which can be either used for income benefits or for creating a tax-free corpus. Under this plan, the customer has the option to protect himself up to 99 years of age. It allows the customer to partly en his accumulated corpus during the policy term. The plan also offers discounts on premium for higher sum assured and additional discount on the lives of women insured.
January 30, 2016: Kotak Life Insurance has registered nearly 50% year-on-year growth in its first premium income for the first nine months of the present financial year. This happened as it increased its exposure in the south Indian market due to the acquisition of Bengaluru-based ING Vysya Bank by Kotak Mahindra Bank in 2015. The acquisition has increased the contribution of the bancassurance business from 35% to 50%. Prior to the acquisition, ING Vysya Bank had about 677 branches, mostly in southern India. Post-acquisition, Kotak Mahindra Bank has a footprint of over 1,200 branches. According to Suresh Agarwal, chief distribution officer at Kotak Life Insurance, western and southern regions contribute 30% each to premium income with north and east giving about 20% business each. Kotak Life Insurance has collected Rs 1,289 crore as new premium in the first nine months compared to Rs 866 crore in the same period last fiscal while its peers, such as Birla Sun Life Insurance Company and Bajaj Allianz Life Insurance Company saw just about around 5% growth. Kotak Life Insurance is targeting Rs 3,500 crore of premium income in this financial year, of which about Rs 1,800 crore is being targeted from new business. According to the data compiled by Life Insurance Council, new business premium for the entire life insurance industry grew by 16% to Rs 85,588 crore in the first nine months of FY 2015-16. Public sector insurer, Life Insurance Corporation of India, registered 15.38% growth in new premium business compared to the private sector growth of 17.47%.
Kotak Mahindra Old Mutual Life Insurance (KLI) launched a new campaign called ‘Koi Hai Hamesha’ across TV and digital platforms in mid-January. Created by J Walter Thompson, it is aimed at audiences at the age group of 30-50 years. The campaign consists of two television commercials (TVCs), the main film being of 30 seconds’ duration and the next one is a sequel of 15 seconds. While the main film establishes a concern, the sequel ends with a solution with a happier and better informed protagonist. The first film shows a group of friends enjoying and thinking about how to plan their post retirement life. The second film gives out a clear message of how Kotak life Insurance has a perfect plan for an individual. According to Elizabeth Venkataraman, Executive VP & Head, Marketing, KLI, the main theme of the campaign is that life expectancy has gone up and many people may live up to 100 years, making the Indian blessing, ‘Sau Saal Jiyo’ a reality soon. The campaign provides the backdrop for the launch of a new whole life plan that protects your life and enables investments up to 99 years of age. According to Nandita Chalam, Senior VP & Executive Creative Director, J Walter Thompson, the thought behind the new campaign is that people should be planning for a longer life instead of the eventuality of death. The media plan covers leading Hindi & other regional entertainment channels as well as English language, regional and business news channels.
Kotak Life Insurance (Kotak Mahindra Old Mutual Life Insurance Ltd) introduced its Kotak Premier Life Plan which is a Participating partial premium payment whole life plan.The Kotak Premier Life Plan is a new, participating whole life insurance plan for people from various income slabs so as to build a powerful base for life coverage and regular income through the life.
Under this plan, the policyholder can pick from added paid-up options or payout. Under the added paid-up options the policyholders are allowed to get their paid-up additions using their bonuses which would accumulate in their plan making this plan an additional guaranteed assured-sum which is paid as maturity or death benefits. Also, after the expiry of the premium payment term funds can be withdrawn anytime from the accumulated funds. In the payout option, each year after the premium payment term the declared bonus is paid to the policyholder under the plan.
The Kotak Life Insurance Company achieved footing in the southern insurance market of India. This happened after the parent company Kotak Mahindra Bank (0.44% BSE shares) had acquired ING Vysya Bank (-0.32% BSE shares) previous to aid the bancassurance channel of insurance sales. Kotak Life which is a conglomerate between South Africa Old Mutual and Kotak Mahindra Bank in a share ratio of 74:26. This new venture experienced a year on year growth of around 50% in the first quarter of the fiscal year which 16% higher than the average rate of growth.
This new venture of ING and Kotak Mahindra proved to be a great move since, this move helped the parent company to push its insurance sales through bancassurance sales channels. Also, this partnership allowed the growth rate to see a growth from 35% to 50%. ING Vysya with about 677 branches mostly in the southern insurance market gave a foot over to Kotak Mahindra Bank of around 1200 outlets. The Kotak Life Insurance in the first quarter of its fiscal year had Rs 1289 than what they had same time during the previous fiscal year which is Rs 866 crores. This shows a clear 49% growth in the bank’s business. Although, the similar market players like Birla SunLife and Bajaj Allianz Life Insurance Co. had a year on year growth of 5% only.
Written By: PolicyBazaar - Updated: 12 October 2020
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Kotak Mahindra Life Insurance Reviews & Ratings
4.2 / 5 (Based on 117 Reviews)
(Showing Newest 25 reviews)
Asifabad, March 19, 2019
Investment plan with insurance protection
I am a happy customer of kotak Life as its investment plan provide wealth maximization and insurance protection.
Kheda, July 20, 2016
Term insurance plan of mine is perfect one, and i bought this from kotak mahindra life insurance. Online renewals, updates regarding the policy and many more facilities which reduces tension of waiting in the queue. Nice investment for securing the future and it reduces taxes too.
Jaspur, July 20, 2016
Future Saving Plan
Kotak life insurance provides me the best child plan in low premiums. Service of the term is great and claiming become easy and so simple. Policy coverage and claims are high and investments are less. Good future security which comes with amy benefits.
Kanpur, July 20, 2016
Coverage Is High
I have pension plan which purchase from kotak life. The service is fantastic, online service is so simple which can be access by anyone. Easy renewals though online portal. The executives and staff response so well to the customers which makes policyholder so comfortable.
Deoli, July 20, 2016
Kotak life is very popular insurance company right now, i took pension plan from them in very low premiums. The service is fast and the claims are high. Policy coverage is high approx. 91% and it reduces the percentage of the tax paying.
Kamala_bagan, July 11, 2016
Ulip insurance policy is one of the very nice insurance option. The investment is less and benefits are more. Service provided by company is fantastic and claims are easily sanctioned. Policy coverage is high and the premium is less. Online service is nice which has easy interface.
Gopalpur, July 11, 2016
My investment insurance policy is superb which comes in low investments. The premium is low and the returns are high. Service is fantastic which served by company staff. The online service is easy to use and anybody can access it easily.
Gauriganj, July 11, 2016
My term plan is perfect one and investment is less. Policy coverage is high and the claims are good which can be easily cleared by the help of staff members of the insurance company. Service is quick and online portal facility makes hassle free documentations and even renewal of the policy can be done.
Chandipur, July 11, 2016
My pension insurance plan i purchased in low investments, the premiums is also less but the returns are high. Policy coverage is good and claims are simple to clear due to fast service given by staff members. Online service is also easy to operate and access it.
Kherwara, July 11, 2016
My child insurance plan is good and it has low premiums which is very nice. The policy cover maximum expenditures for my child's future. Claims are high and easily sanctioned due to quick service provided by the company members.
Ahmedabad, June 29, 2016
The ulip insurance plan of mine is nice insurance policy in low premiums. The service is good and claiming get easily done because of fast service by executives. Policy coverage is high and internet portal service is easy to operate.
Algum, June 29, 2016
Policy coverage of my traditional insurance plan is low and returns are good. Service from staff of your company is fantastic with calm nature. Claiming is easy due to fast service facilitate by the executives. Updates are send to me regularly regarding the policy.
Ahmednagar, June 29, 2016
The term insurance plan I have is fantastic which has low premium and paybacks are high. Service provided is quick and on time. Internet web service is nice and simple to operate. Hassle free documentations and no paperwork.
Akbarpur, June 29, 2016
The pension plan I have is good insurance policy. Service provided by your staff of your company is good and fast too. The internet service is also nice and easily accessed. Good investment for my future. The any updates regarding the policy is mailed to me.
Agartala, June 29, 2016
I bought child insurance plan for my child. The insurance policy has very low premiums. Policy coverage is good and claims are high. Service is fantastic, web service is also easy to access. It reduces paperwork. Hassle free documentations.
Udyapur, April 26, 2016
The policy i have is kotak life traditional plan which is very good and the premiums are low with high in policy coverage 91%. The claiming part is very easy because the service is very fast with good response from the staff members. Nice future investment with tax savings. I like the policy plan.
Laxmipur, April 26, 2016
I bought kotak life traditional plan. Policy coverage is 88% and the premium is low. Claims are ~Rs.36 L. Service is quick and even the web services are also nice and the behaviour of the staff is perfect even after buying policy. Nice future investment with tax saving.
Haldwani, April 26, 2016
Kotak life traditional plan which have 91% policy coverage and the claims are easy to get because of fast services provided by the executives and staff members. The daily updates are texted and mailed time to time to may email id and cell phone. Good job team.
Laksar, April 26, 2016
The kotak life traditional plan i have is below average. The premium is good and the returns are less. You facilitate services are bit slow and the waiting is normal. Web services are better. Good future investment which save my taxes too. Please improve your services.
Hiranpur, April 26, 2016
I finally buy kotak life traditional plan. Policy covers almost all cases and the amount of returns is very high. Service provided by executives and staff members is fast and on time. Good future investment which save taxes too.
Bisalpur, April 26, 2016
My traditional policy plan is with kotak mahindra life insurance. The policy is great with maximum benefits. The policy coverage is high ~89%. The investment is low approx. Rs.11 K quarterly per year. The claims are good and easily cleared without waiting. Payback amount is nice ~rs.40 L.
Nizamabad, April 26, 2016
I own kotak life traditional plan. Plan is good and premium is low. Policy coverage is high and payback returns too. Claiming amount is Rs.34 L. Service is fast like super sonic. The daily updates are mailed to me time to time. The behaviour of the executives and staff members are really very nice.
Shahabad, April 26, 2016
Buy kotak life traditional plans. The policy coverage is ~93%. Services provided by executives is awesome. Claims are good and done without any interruption. Overall fine life insurance which have low premiums. Nice future investment and it saves taxes also.
Kosola, April 26, 2016
Policy has all benefits and the investments are also low. Around Rs.37 L is payback amount. Kotak mahindra life insurance provide me traditional plan which has nice facilities and the service is very quick. The service provided by the executives and staff members are really very good. The investment is good for future and it saves taxes also.
Roorkee, April 26, 2016
I invest my money by buying kotak traditional policy plan. The policy coverage is good ~92% and the claims are high. The premiums are low ~14 K quarterly. Paybacks are really very good Rs.36 L. Good investment and tax saver policy plan.
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